Steinhoff raises R4.8bn in share sale | Fin24
  • Credit Rating

    'I think Moody's will be happy' - President Ramaphosa says plan to deal with Eskom's debt is imminent.

  • 'No Basis in Fact'

    The PIC commission has slammed Iqbal Survé’s claims about Minister Pravin Gordhan.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


Steinhoff raises R4.8bn in share sale

Mar 27 2019 09:50
Lameez Omarjee

Steinhoff [JSE:SNH] managed to raise R4.8bn by placing over 600 million of its shares in KAP Industrial Holdings on offer.

The retailer on Tuesday placed the 694 206 661 shares on offer, with the goal to raise funding to help fulfill its debt obligations and to ensure its business platforms are "appropriately funded".

According to a shareholder notice issued on Wednesday morning, the group said each of the shares went for R6.85.

The offering was oversubscribed. This means that Steinhoff has effectively sold off its 26% stake in KAP. Any KAP board members nominated by Steinhoff will resign if its stake is reduced, the group said in a previous notice.

The settlement of the process will take place on April 1, 2019.

Steinhoff's share price, which opened at R1.78 was trading 5.14% higher at R1.84 by 09:15.

steinhoff  |  kap industrial  |  capital  |  shares  |  debt


Company Snapshot


Struggling power utility Eskom will take centre stage at this year's mini budget

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote